Deutsche Bank AG Boosts Stake in McGrath RentCorp (NASDAQ:MGRC)

Deutsche Bank AG lifted its position in McGrath RentCorp (NASDAQ:MGRC - Free Report) by 84.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 75,304 shares of the financial services provider's stock after acquiring an additional 34,518 shares during the period. Deutsche Bank AG owned 0.31% of McGrath RentCorp worth $8,420,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its position in McGrath RentCorp by 1,487.6% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 2,826 shares of the financial services provider's stock worth $312,000 after acquiring an additional 2,648 shares during the last quarter. BNP Paribas Financial Markets lifted its position in McGrath RentCorp by 29.8% during the fourth quarter. BNP Paribas Financial Markets now owns 16,399 shares of the financial services provider's stock worth $1,834,000 after buying an additional 3,767 shares in the last quarter. Asset Management One Co. Ltd. acquired a new position in McGrath RentCorp during the fourth quarter worth $3,833,000. One Wealth Advisors LLC boosted its stake in McGrath RentCorp by 40.1% during the fourth quarter. One Wealth Advisors LLC now owns 16,857 shares of the financial services provider's stock worth $1,885,000 after buying an additional 4,824 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in McGrath RentCorp by 2.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 293,499 shares of the financial services provider's stock valued at $32,819,000 after buying an additional 6,238 shares in the last quarter. Hedge funds and other institutional investors own 92.05% of the company's stock.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded McGrath RentCorp from a "hold" rating to a "buy" rating in a report on Friday, April 25th.

Insider Activity

In related news, COO Philip B. Hawkins sold 4,804 shares of the company's stock in a transaction on Monday, April 28th. The stock was sold at an average price of $103.57, for a total value of $497,550.28. Following the completion of the transaction, the chief operating officer now directly owns 3,150 shares in the company, valued at approximately $326,245.50. This represents a 60.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kimberly Ann Box sold 1,000 shares of the firm's stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $124.69, for a total transaction of $124,690.00. Following the completion of the sale, the director now directly owns 7,500 shares in the company, valued at $935,175. This represents a 11.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 13,871 shares of company stock worth $1,506,731 over the last ninety days. 1.60% of the stock is currently owned by insiders.

McGrath RentCorp Price Performance

Shares of MGRC traded up $0.05 during mid-day trading on Thursday, reaching $113.53. The company's stock had a trading volume of 20,207 shares, compared to its average volume of 181,038. The stock has a market cap of $2.79 billion, a PE ratio of 12.01, a price-to-earnings-growth ratio of 1.35 and a beta of 0.66. McGrath RentCorp has a 12-month low of $95.50 and a 12-month high of $129.93. The company's 50 day moving average is $109.54 and its 200 day moving average is $115.39.

McGrath RentCorp (NASDAQ:MGRC - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The financial services provider reported $1.15 EPS for the quarter, topping analysts' consensus estimates of $1.02 by $0.13. The company had revenue of $195.42 million during the quarter, compared to the consensus estimate of $189.03 million. McGrath RentCorp had a net margin of 25.44% and a return on equity of 13.68%. McGrath RentCorp's quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.93 EPS. As a group, sell-side analysts anticipate that McGrath RentCorp will post 6.18 EPS for the current fiscal year.

McGrath RentCorp Company Profile

McGrath RentCorp operates as a business to business rental company in the United States and internationally. It rents and sells relocatable modular buildings, portable storage containers, and electronic test equipment. The company operates through four segments: Mobile Modular, Portable Storage, TRS-RenTelco, and Enviroplex.